InFront Compliance Pitches at FinTech Junction 2018
On Sunday, June 24, InFront Compliance pitched to judges from Deloitte, Bank Leumi, Visa, and others at the FinTech Junction 2018 Pitch Competition. Melissa Koch, CEO, and Alia Luria, COO, co-founders of InFront Compliance, highlighted in the current pains associated with vendor compliance management.
200+ regulatory updates are released daily in the financial services industry, and each of these updates needs to be processed and incorporated into a company’s systems. 10-15% of all staff time is spent on compliance management, and we are not just talking about legal and compliance staff members! All of this has led to an average 18 month time period to close contract with big banks, with half of such time spent on compliance validation.
InFront Compliance wants to change that. Our SaaS platform is designed for legal and procurement teams to get them out from under the onerous, manual spreadsheet process common now, and onto a system that is modular, customized and customizable, and continuously updated.
Finally, the InFront Compliance pitch covered the massive market opportunity in the compliance management space. The projected spend for RegTech compliance systems is expected to reach $39.07B annually by 2020. Twenty-five percent of that spend, $10B, is targeted for compliance management tools like InFront Compliance. Only 17% of enterprise has adopted a RegTech solution to date.
InFront Compliance had an amazing time pitching, and we look forward to honing our message on Thursday at the SheLovesTech competition. Here are some photos of our day!